Research into Guernsey’s entrepreneurial landscape has found 90% of new local start-ups or entrepreneurs are incorporating AI when running their business.
Digital Greenhouse and Black Vanilla launched the second edition of the survey to understand the advantages and challenges for entrepreneurs setting up a business in Guernsey, and what support is needed to foster a positive environment for new and small businesses. The survey was launched ahead of Global Entrepreneurship Week where a panel event will take place to discuss in more detail.
The survey also discovered that 50% of SMEs believe that the cost-of-living crisis will be the biggest threat to their new business in the coming months and years.
Lucy Kirby (pictured), Director at The Digital Greenhouse, said: “Last year’s response to the survey was excellent, and we found the information extremely interesting. This year we have really focused on those newly starting out, to get a feel for what is changing. It is positive to see how many have already taken advantage of existing support programmes and we hope that this feedback can help us develop services further for local entrepreneurs.
“We want to keep growing the entrepreneurial ecosystem in Guernsey and hope that continuous fresh data can help us with this. Many challenges will resonate with businesses established and new, along with changes in how people are working differently with an increasing focus on the importance of technology.”
60% of respondents also claimed that access to banking and financial support was the most significant operational hurdle the business faced when starting up. This mirrored the 2022 survey where the same answer was the largest challenge, with a slightly lower percentage – 50% of respondents.
The survey results will be discussed in further detail at a panel event during Global Entrepreneurship Week (13-19 November 2023). The panellists include Nichole Culverwell, Agency Director at Black Vanilla, Lucy Kirby, Director at Digital Greenhouse and Wayne Atkinson, Senior Partner at Collas Crill, and moderator Matthew Leach, News Editor at Bailiwick Express.
Further information about the event can be found here.
Nichole Culverwell, Director at Black Vanilla, said: “Economic growth is a critical factor in making the island’s finances more sustainable. The results gathered in our 2023 survey give us some very helpful insights into the challenges that entrepreneurs face when setting up a business in Guernsey today. I look forward to discussing our findings on the panel and talking about the current local economic landscape and how the island’s business ecosystem supports new businesses.”